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Property Sales Up 14% for August

Property Sales Up 14% for August

The number of property sales in Cyprus continued to rise in August with the number of sales contracts deposited at Land Registry Offices across the Republic up 14 per cent compared with August 2017.

The number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during August 2018 rose 14 per cent compared to August 2017 according to official figures published by the Department of Lands and Surveys.

Property sales have been rising for 16 consecutive months and this August rise follows increases of 21% in July, 2% in June and 23% in May. During August a total of 653 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 572 deposited in August 2017. Of the 653 contracts deposited, 271 (41.5%) were for properties purchased by non-Cypriots.

The figures show a continuing improvement in the economic conditions, coupled with government measures such as the citizenship by investment scheme (aka ‘Passports for Cash’ scheme.) (The figures include an unspecified number of properties acquired by banks as part of loan restructurings.) Although sales in Paphos fell by 3% compared with August 2017, they rose in all the other districts. In percentage terms Limassol led the way with sales rising by 30% followed by Nicosia, where sales rose by 20% and Limassol. Sales in Larnaca and Famagusta rose by 7% and 6% respectively.

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